anyone try the prosper thing?

[RossMAN]

Originally posted by: ivol07
After much research I decided I would give prosper a try. I just bid $500 into 6 different loans.

1) $50 @ 29% w/Credit rating of D
2) $100 @ 9% w/Credit rating of AA
3) $100 @ 8.25% w/Credit rating of AA
4) $100 @ 25% w/Credit rating of E
5) $50 @ 29% w/Credit rating of E
6) $100 @ 20% w/Credit rating of D

Combined interest rate of 18.25%

My plan was to spread my money 50/50 between higher risk and low risk. I was pretty excited until I actually went to go find people to lend money to. All the hard luck stories made me feel like they were all scams. None of these loans are 100% financed yet so I'm not fully commited. But I'm going to let this $500 ride for at least a few months and see what happens.

It's been 5 weeks, any updates?

 

[ShotgunSteven]

Runs out to secure eloanshark.com.

 

[patrick24601]

If anybody is interested I have started a Prosper group and am actively seeking members. I had to wait for them to send me a postcard to verify my physical address, but it is now up and running. I did this based on another forum that I am a member of, but then someone pointed out this thread to me and I thought you guys/gals might be interested.

This has nothing to do with getting rich quick because each loan is years in length. But I do see it as a way in making an investment that has minimal risk due to its diversity.

I personally have close to $400 in there over 5 different loans. One of them is late but I am not worried about it too much because the other 4 are doing great. Average rate for me is 16.36% with my range being 10.5% - 21.95%

So if you'd like to learn more, dabble or join up look for the allaboutfocus group and apply to join. Or PM your email address and I will send you one. Don't come looking for fast money. Come looking to help others, be helped if you need it, and to add this as a part of your portfolio.

 

[b0mbrman]

Originally posted by: ShotgunSteven
Runs out to secure eloanshark.com.

P2P payday loans...now that would be worth it

 

[sniperruff]

the website is down... isn't that a bad sign?

 

[Dudewithoutapet]

works fine for me

 

[RossMAN]

http://www.prosper.com loads for me.

Anyone else?

 

[patrick24601]

Like 31 flavors. All good !

 

[sniperruff]

doesn't work in IE and FF for me... what gives?

 

[RossMAN]

Originally posted by: sniperruff
doesn't work in IE and FF for me... what gives?

Sorry I couldn't help ya there.

<--- Opera!!!!!!!!!!!!!!!!!!!!!!

 

[mrSHEiK124]

Server not found

Firefox can't find the server at www.prosper.com.

* Check the address for typing errors such as
ww.example.com instead of
www.example.com

* If you are unable to load any pages, check your computer's network
connection.

* If your computer or network is protected by a firewall or proxy, make sure
that Firefox is permitted to access the Web.

 

[patrick24601]

Accidentally I just found out that prosper AND propser.com work !

 

[b0mbrman]

Originally posted by: RossMAN

Originally posted by: ivol07
After much research I decided I would give prosper a try. I just bid $500 into 6 different loans.

1) $50 @ 29% w/Credit rating of D
2) $100 @ 9% w/Credit rating of AA
3) $100 @ 8.25% w/Credit rating of AA
4) $100 @ 25% w/Credit rating of E
5) $50 @ 29% w/Credit rating of E
6) $100 @ 20% w/Credit rating of D

Combined interest rate of 18.25%

My plan was to spread my money 50/50 between higher risk and low risk. I was pretty excited until I actually went to go find people to lend money to. All the hard luck stories made me feel like they were all scams. None of these loans are 100% financed yet so I'm not fully commited. But I'm going to let this $500 ride for at least a few months and see what happens.

It's been 5 weeks, any updates?

Did 10 loans between June and August 2006, with credit ratings between AA and C.

Nine are current, one is <15 days late.

 

[RossMAN]

Originally posted by: b0mbrman

Originally posted by: RossMAN

Originally posted by: ivol07
After much research I decided I would give prosper a try. I just bid $500 into 6 different loans.

1) $50 @ 29% w/Credit rating of D
2) $100 @ 9% w/Credit rating of AA
3) $100 @ 8.25% w/Credit rating of AA
4) $100 @ 25% w/Credit rating of E
5) $50 @ 29% w/Credit rating of E
6) $100 @ 20% w/Credit rating of D

Combined interest rate of 18.25%

My plan was to spread my money 50/50 between higher risk and low risk. I was pretty excited until I actually went to go find people to lend money to. All the hard luck stories made me feel like they were all scams. None of these loans are 100% financed yet so I'm not fully commited. But I'm going to let this $500 ride for at least a few months and see what happens.

It's been 5 weeks, any updates?

Did 10 loans between June and August 2006, with credit ratings between AA and C.

Nine are current, one is <15 days late.

If you did it all over again, would you?

Any advice to new Prosper.com lenders?

 

[b0mbrman]

Originally posted by: RossMAN

Originally posted by: b0mbrman

Originally posted by: RossMAN

Originally posted by: ivol07
After much research I decided I would give prosper a try. I just bid $500 into 6 different loans.

1) $50 @ 29% w/Credit rating of D
2) $100 @ 9% w/Credit rating of AA
3) $100 @ 8.25% w/Credit rating of AA
4) $100 @ 25% w/Credit rating of E
5) $50 @ 29% w/Credit rating of E
6) $100 @ 20% w/Credit rating of D

Combined interest rate of 18.25%

My plan was to spread my money 50/50 between higher risk and low risk. I was pretty excited until I actually went to go find people to lend money to. All the hard luck stories made me feel like they were all scams. None of these loans are 100% financed yet so I'm not fully commited. But I'm going to let this $500 ride for at least a few months and see what happens.

It's been 5 weeks, any updates?

Did 10 loans between June and August 2006, with credit ratings between AA and C.

Nine are current, one is <15 days late.

If you did it all over again, would you?

Any advice to new Prosper.com lenders?

After they froze my account for several months and disallowed me from bidding on new accounts or withdrawing money not in loans, I take my money out as soon as it's freed up...

I suppose I could just be an odd case, but I'd much rather just get 5% from my savings account or a more volatile 10% from mutual funds, than deal with their customer service again.

 

[patrick24601]

Yes.

1. Join the group (shameless plug)
2. Read a lot before investing and learn about the risks. Learn what other people are bidding on. Learn about risks vs reward. Realize that you WILL have some loans that will go bad.
3. Think about what kind of investment you want to be doing. High Credit Scores = Low ROI/Low Interest Rates/Low Risk. Low Credit Scores = High ROI/High Rates/High Risk.
4. Diversify Diversify Diversify. This is the key to any investing strategy.

Right now I am not putting more than $50 to $100 in any given loan. I'd like to bump that up later but not yet.

Prosper is not anything glorious or amazingly new. Borrowing money has always been risk vs. rewards for banks. Now we get to dip our toe into that risk vs. reward pool.

Ask any other questions and I'll be glad to answer them.

 

[patrick24601]

b0mbrman - Why did they said they did this? They had to have a reason.

 

[Old Hippie]

b0mbrman - Why did they said they did this? They had to have a reason.

Inquiring Old Hippies wanna know also.

 

[mugs]

I just signed up. Waiting for bank verification.

 

[patrick24601]

Good luck mugsy! Any questions yet?

 

[UNCjigga]

I am very interested in the shylocking business and would like to subscribe to this thread.

 

[markgm]

I lost $50 so far out of $350 (well, it's 2 months late and they've already sent it to collections) I've made $4.78 so my net gain is -$45.22. I'lll just keep this money in it and see what happens over time.

 

[Ns1]

You guys are all screaming scam, but it looks like p2p lending backed with legitimate credit reports/etc. damn this site is f'n genius.

bookmarked for later.

 

[markgm]

Originally posted by: NeuroSynapsis
You guys are all screaming scam, but it looks like p2p lending backed with legitimate credit reports/etc. damn this site is f'n genius.

bookmarked for later.

It's not a scam, it just reminds me of ebay. They do none of the work, assume none of the risk, and take a chunk of the profit. Though, just like ebay, that doesn't mean you can't make money from it.

 

[fallenangel99]

I prefer www.kiva.org